Lincoln National Corporation · NYSE:LNC
Lincoln National — Q2 2026 Earnings Presentation
20 slides from Lincoln National's earnings presentation, Jul 30, 2026
Slide 1: Earnings Supplement Second Quarter 2026
Earnings Supplement Second Quarter 2026 July 30, 2026 1
Slide 2: Forward-Looking Statements – Cautionary Language
Forward-Looking Statements – Cautionary Language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forwar
Slide 3: 2Q26 Key Messages
2Q26 Key Messages Eighth consecutive quarter of YoY adjusted operating income1 growth, up 3% for 2Q • Life Insurance earnings of $57M, up $25M YoY, driven by favorable mortality, partially offset by lower After- Per alternative investment income. $ in millions tax share • Annuities earnings of $287M
Slide 4: 2Q26 Earnings Drivers
2Q26 Earnings Drivers $ in millions Annuities Group Protection Operating Income Primary Drivers Operating Income Primary Drivers $173 Experience Refund $287 $287 • Favorable equity markets $147 • Favorable life incidence • Spread income growth • Change in experience refund recognition timing • Varia
Slide 5: Annuities
Annuities Key Highlights Operating Income2 ($M) Sales ($B) • Operating income in line YoY, as favorable equity markets were offset by VA outflows and the $12M $318 $4.9 $311 $4.5 impact of the previously disclosed NII reallocation $4.0 23% $3.9 $287 $287 24% $3.5 to non-operating income1. $275 23% 1
Slide 6: Group Protection
Group Protection Key Highlights Operating Income1 ($M) Sales ($M) • Operating income decreased $26M YoY, primarily $391 $173 driven by the $15M experience refund in the PY 9% $147 quarter. 32% $110 $109 $112 • Premiums were up 2% Y0Y, driven by prior-period $187 $155 sales. $150 32% $116 59% 41% 30%
Slide 7: Retirement Plan Services
Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 32% YoY, driven $2.4 by spread income growth and favorable equity $49 $46 $46 16% markets, partially offset by higher net G&A $43 $37 $1.7 expenses. $1.2 34% 62% $1.1 $0.9 • Base sprea
Slide 8: Life Insurance
Life Insurance Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income improved by $25M YoY, driven $77 19% by favorable mortality and the impact of the 4Q25 8% 13% 14% $298 $54 $14 15% $57 13% 20% captive consolidation, partially offset by lower 9% 19% $41 14% alternative investm
Slide 9: Other Operations
Other Operations Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) • Operating loss of $90M is $1M lower YoY as $72 $68 continued scaling of institutional funding $64 $63 agreement business was partially offset by higher $56 ($91) ($99) ($98) ($90) other expenses. ($111)
Slide 10: Investment Portfolio
Investment Portfolio Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Portfolio grew $15B YoY to $137B, reflecting $137 3% 3% 3% 3% 3% $122 $126 $129 $131 strategic shift toward spread-based earnings. 11% 11% 10% 12% 9% 3% 34% 35% 35% 35% 35% 3% 3% 3% 3% 17% 18% 17% • Portfo
Slide 11: Appendix
Appendix ———
Slide 12: Investment Portfolio
Investment Portfolio High quality and well-diversified portfolio1 Portfolio allocation by asset class Private Credit is 20% of the General Account Direct Public Lending Corporate 1% 34% Private Structured 4% Private $137B Credit Other Average A- Rated 20% 15%2 Private Corporates RML Public 15% CML S
Slide 13: Non-GAAP Financial Measures Appendix
Non-GAAP Financial Measures Appendix 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures Non-GAAP financial measures do not replace the most directly comparable GAAP measures. Reconciliations of the following non-GAAP financial measures to the most directly comparable GAAP financial measures or calculations of such measures, as app
Slide 15: Non-GAAP Financial Measures, Cont’d
Non-GAAP Financial Measures, Cont’d Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income) and adjusted income (loss) from operations per dilute
Slide 16: Reconciliation of Net Income to Adjusted Income from Operations
Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data) For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Net Income Net income (loss) avai
Slide 17: Reconciliation of Net Income to Adjusted Income from Operations (continued)
Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders (continued from previous slide) Unaudited (millions of dollars) (1) Includes changes in MRBs of $932 million, $337 million, $374 million, $(997) million and
Slide 18: Reconciliation of Adjusted Income excluding Significant Items
Reconciliation of Adjusted Income (Loss) from Operations Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders, excluding Significant Items Unaudited (millions of dollars) For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Adjust
Slide 19: Leverage Ratio
Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Leverage Ratio Short-term debt (1) $ — $ — $ 400 $ 400 $ 400 Long-term debt 5,767 5,772 5,866 5,969 6,465 Total debt 5,767 5,772 6,266 6,369 6,865 Preferred stock 986 986 986 9
Slide 20: Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity
Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 9,548 $ 10,452 $ 10,906 $ 10,212 $ 11,349 Less: Preferred st